Tomasz Ostrowski | White & Case LLP International Law Firm, Global Law Practice
Tomasz Ostrowski
Tomasz Ostrowski

Tomasz Ostrowski

Partner, Warsaw

Tomasz “focuses on acquisition, project and real estate finance. He has experience of the wider CEE region and is appreciated for ‘the way he anticipates potential problems.’”

Chambers Europe 2014


Tomasz Ostrowski heads the Banking & Finance practice in Warsaw. He focuses on acquisition finance, project finance, real estate finance as well as general syndicated corporate finance in Poland, as well as in other parts of CEE.

He advises banks, borrowers, sponsors, investment funds and venture capital/private equity funds on numerous Polish and international financing transactions, including: (a) real estate finance transactions including, among others, hotels, commercial, industrial and warehouse projects; (b) acquisition finance transactions; and (c) project finance transactions. Tomasz has also worked on a number of high profile restructurings in Poland. Prior to joining White & Case in 2011, Tomasz worked for the Warsaw office of a Magic Circle firm, and on secondment in London.

Bars and Courts

  • Solicitor of the Senior Courts of England and Wales
  • Legal Adviser (Radca Prawny), Regional Chamber of Legal Advisers in Opole, Poland


  • Master's Degree, University of Warsaw, Faculty of Law and Administration
  • University of Warsaw, American Law Center at Faculty of Law and Administration (in cooperation with the University of Florida)


  • Polish
  • English


Refinancing of Play, 2017

Tomasz represented P4 Sp. z o.o. and Play Holdings 2 S. à r.l., trading as Play, in connection with term loan facilities and a revolving credit facility of up to PLN 7 billion (approx. €1.65 billion).

Refinancing of the Warsaw Spire, 2017

Tomasz represented Ghelamco in connection with a €370 million refinancing of the existing indebtedness incurred by Ghelamco's subsidiaries in connection with construction of the Warsaw Spire, a complex of office buildings in Warsaw.

Restructuring process of the largest coal producer in the European Union, 2016

Tomasz advised Kompania Węglowa S.A., the largest coal producer in the European Union, in connection with its restructuring process and creation of Polska Grupa Górnicza Sp. z o.o., including (i) the sale of KW's enterprise to PGG including 11 mines and four plants, (ii) an investment agreement worth over PLN 2.4 billion with six new investors, and (iii) the issuance of bonds in the amount of PLN 1.148 billion directed to KW's current bondholders (including the issuance of participation bonds, which are a novelty in the Polish market).

Financing of the acquisition of shares in AmRest, 2016

Tomasz advised Bank Zachodni WBK S.A. (Santander Group) in connection with the indirect financing of up to PLN 1.56 billion to guarantee the acquisition of 34.29% of the shares in AmRest Holdings SE by its largest shareholder, FCapital Dutch B.V.

Refinancing of Echo Investment's real estate portfolios, 2016

Tomasz represented Echo Investment S.A. in connection with obtaining financing of up to €132 million from Berlin Hyp AG and ING Bank Śląski S.A. to refinance the current debt from Echo's four office projects, as well as financing of up to €185 million from Landesbank Hessen-Thüringen Girozentrale to refinance the current debt of seven shopping centers belonging to Echo.

Financing for Synthos, 2016

Tomasz advised Synthos S.A. in connection with obtaining financing in the form of a revolving credit of up to €220 million from a consortium of banks including Powszechna Kasa Oszczędności Bank Polski S.A., Bank BGŻ BNP Paribas S.A., Bank Handlowy w Warszawie S.A., Bank Zachodni WBK S.A., HSBC Bank Polski S.A., ING Bank Śląski S.A. and HSBC Bank plc.

Financing of Żabka Polska, 2015

Tomasz represented Bank Polska Kasa Opieki S.A. (UniCredit Group) in connection with the PLN 1.26 billion refinancing of the indebtedness of Żabka Polska sp. z o.o., the operator of a major chain of convenience stores in Poland.

Financing of the development of an oil field in the Baltic Sea, 2014

Tomasz represented Bank Gospodarstwa Krajowego in the US$42.5 million and PLN 90 million financing of the development of an oil field in the Baltic Sea by LOTOS Petrobaltic S.A. The project, worth nearly PLN 1.8 billion, was the first transaction co-financed by Polskie Inwestycje Rozwojowe S.A., a company established under the "Polish Investments" program. This was the first extraction project in Central Europe to be implemented using the project finance formula, and should have a favorable effect on the energy security of Poland.

Polish Mobile Telecoms Operator's groundbreaking High Yield Bond Issue, 2014

Tomasz advised Polish mobile telecoms operator P4 Sp. z o.o., which trades as Play, on its groundbreaking, inaugural €870 million and PLN 130 million, dual-tranche high yield bond issue and entry into a new super senior revolving credit facility. This was the largest debut high yield bond deal since 2010, the largest Central & Eastern Europe high yield deal ever, the second largest European telecoms debut ever and the first ever Polish zloty-denominated high yield bond issued on the international capital markets. Tomasz worked as part of the Warsaw team that ran a "dual track", local all-bank alternative to the high yield bond at the same time, preserving full financing flexibility for the client.

Złomrex International Finance's restructuring of existing high yield bonds, 2014

Tomasz advised Złomrex International Finance S.A. on the restructuring of its approximately €118 million outstanding New York law governed senior secured high yield notes due 2014, which were exchanged by way of an English law scheme of arrangement. Tomasz joined a team of high yield, restructuring and bank finance lawyers from the UK, Poland, France and the US, delivering New York, English and Polish law advice to see this deal through to its successful completion. The structure of exchangeable notes was innovative on the Polish market, and Tomasz and the team used Polish law warrants as an instrument to enable noteholders to exchange their notes for Cognor S.A. shares in the future.


  • International Acquisition Finance, Law and Practice, Oxford University Press 2010, (contributor)

Awards & Recognition

Tomasz is recognized as a Leading Lawyer in the last several editions of IFLR1000 in the Banking, Project Finance and Real Estate Finance categories. He has also been recommended in the latest editions of prestigious rankings Chambers Europe and Chambers Global and mentioned in The Legal 500 EMEA and in the Banking & Finance category.